JVC 2005 Annual Report Download - page 40

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38 Victor Company of Japan, Limited
Cash Flows
Net cash used in operating activities amounted to ¥6.2 bil-
lion, compared with an inflow of ¥40.7 billion in the previous
fiscal year. This was mainly attributable to a decline in
income before income taxes and minority interests, special
retirement payments associated with structural reform, and
a decrease in notes and accounts payable.
Net cash used in investing activities came to ¥13.9 bil-
lion, down from ¥15.8 billion in the previous fiscal year, pri-
marily due to purchases of property, plant and equipment
amounting to ¥26.8 billion, which outweighed proceeds
from sales of investment securities of ¥5.5 billion.
Net cash used in financing activities totaled ¥15.6 billion,
up from ¥9.4 billion in the previous fiscal year. This was
largely a result of a ¥17.0 billion outflow attributable to
repayments of long-term loans and the redemption of
bonds, which countered a ¥3.7 billion increase in short-
term bank loans, net.
As a result, cash and cash equivalents at the end of fiscal
2005 came to ¥62.7 billion, down ¥34.6 billion from the end
of the previous fiscal year.
¥342.9 billion, mainly owing to a ¥38.7 billion decrease in
cash and time deposits. Major factors contributing to the
decline in cash and time deposits are described in the fol-
lowing cash flows section. Property, plant and equipment
rose ¥6.7 billion, to ¥96.2 billion, mainly reflecting invest-
ments related to the new technology center and the pro-
duction of D-ILA devices. Investments and advances
decreased ¥6.0 billion, largely as a result of the sale of
investment securities.
Total liabilities fell 11.4%, or ¥39.2 billion, to ¥304.4 bil-
lion. Although current liabilities rose ¥18.5 billion, to ¥255.1
billion, notes and accounts payable declined ¥21.8 billion,
and convertible bonds and bonds due within one year
increased ¥25.1 billion. Total long-term liabilities dropped
¥57.7 billion, to ¥49.4 billion, mainly as a result of a ¥56.0
billion decline in bonds and long-term debt.
Stockholders’ equity edged down 0.7%, or ¥1.1 billion,
to ¥158.2 billion; however, stockholders’ equity as a per-
centage of total assets rose to 33.9%, compared with
31.4% at the previous fiscal year-end.